Commitments to the environment and climate
We want to support the transition to a more sustainable economy and society and we therefore adopted clear principles to guide our decisions to:
- mitigate global warming and develop climate change adaptation strategies;
- reduce the consumption of natural resources and promote circular economy;
- protect and restore biodiversity, prevent pollution.
We put these principles into practice by monitoring and reducing the impact of the Group's operational activities, and indirect impacts related to our products, services and investments. We also collaborate with governments and associations to promote the development of system solutions.
In particular, we have identified the following areas of intervention, for which we have established specific indicators and targets to be achieved:
- integration of environmental and climate aspects into insurance and investment strategies;
- strengthening public awareness of environmental and climate risks by promoting dialogue between stakeholders;
- reducing environmental impacts generated by the Group's offices, data centers and the staff mobility ;
- demonstrating transparency regarding our policies and reporting on the results achieved.
The Generali Group Strategy on Climate Change, approved by the Board of Directors on the 21st of February 2018 and updated in July 2023, is a key reference point for the Group: it provides an overview of the decisions taken to promote a fair and socially just transition to a net-zero emission economy.
Following this resolution, we have defined measures detailing how the strategy is to be implemented in the core business activities of the Group. These management solutions are reviewed and updated periodically to verify their relevance and ensure their effectiveness. They are described in the technical note available below, together with the Climate-related Financial Disclosure, which describes the results achieved to date.
In order to manage the risks and opportunities related to climate change and the green transition, we are implementing the following Strategy.
- By 2025 € 8.5 to € 9.5 billion in new green and sustainable investments in addition to those already made by the end of 2020.
- Exclusion of new listed investments and gradual divestment from coal-related companies identified with progressively more restrictive criteria.
- Exclusion of new non-listed investments in infrastructures dedicated to coal transport.
- Phase-out of investments in the coal sector by 2030 for OECD countries and by 2040 for the rest of the world.
- Exclusion of new investments and progressive divestment from companies active in the exploration and production of unconventional fossil fuels: tar sands, oil and gas from fracking and upstream operations in the Arctic.
- Exclusion of new non-listed investments in infrastructures dedicated to unconventional fossil fuels (tar sands, oil and gas from fracking and from the Arctic) including upstream, midstream and downstream.
- By 2025, engagement with 20 carbon-intensive companies in the Group’s investment portfolio.
- Gradual decarbonization of the investment portfolio to reach net-zero emissions by 2050.
- Development of premiums growth strategy from insurance solutions with ESG components with a CAGR (Compound Annual Growth Rate) of 5-7% over the period 2021-2024.
- Exclusion of new underwriting cover and gradual discontinuation of the existing cover for asset of clients insured for activities strictly related to the coal industry identified with progressively more restrictive criteria.
- Phase-out of underwriting exposure to the coal sector by 2030 for OECD countries and by 2038 for the rest of the world.
- Forging ahead with the commitment to no longer insure clients operating in upstream oil and gas, both conventional and unconventional.
- Gradual decarbonization of the insurance portfolio to reach net-zero emissions by 2050.
- By the end of 2025, greenhouse gas emissions from offices, data centres and mobility will be reduced by 35% compared to the base year 2019. The scope of this target includes scope 1, scope 2 and scope 3 for operational activities.
- Achievement of net-zero emissions by 2040 through financing of removal projects that will take into account the evolution of sector-specific regulations.